1

Jack Bovender Chairman and CEO

Vic Campbell Senior Vice President

Mark Kimbrough Vice President, Investor Relations

2

Cautionary Note Regarding Forward-looking StatementsCautionary Note Regarding Forward-looking StatementsCautionary Note Regarding Forward-looking StatementsCautionary Note Regarding Forward-looking Statements

HCA’s management will be making some forward-looking statements during today’s presentation. Those forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause those forward looking statements to be materially incorrect.

Certain of those risks and uncertainties are discussed in HCA’s filings with the Securities and Exchange Commission, including the company’s report on Form 10-K and its quarterly reports on form 10-Q, to which you are referred. Management cautions

you not to rely on, and makes no promises to update any of the forward looking statements.

3

HCA Hospitals LocatedHCA Hospitals Locatedin Growth Marketsin Growth Markets

HCA Hospitals LocatedHCA Hospitals Locatedin Growth Marketsin Growth Markets

Switzerland

U.K.

Percent Growth in Market Population

2000-2005Compared to the

National Average of 4.5%

Percent Growth in Market Population

2000-2005Compared to the

National Average of 4.5%

Las Vegas+22%

Las Vegas+22%

Southern California

+9%

Southern California

+9%

Denver+9%

Denver+9%

Dade+8%

Dade+8%

Nashville+8%

Nashville+8%

Panhandle+10%

Panhandle+10%

Tampa Bay+8%

Tampa Bay+8%

Dallas/Ft. Worth+12%

Dallas/Ft. Worth+12%

Austin+18%

Austin+18%

Richmond+8%

Richmond+8%

Palm Beach+11%

Palm Beach+11%Houston

+10%Houston

+10%

Kansas City+5%

Kansas City+5%

187 Hospitals

94 Surgery Centers

Generally 25%-40%

Market Share

40% of facilities in

Texas & Florida

4

What Will Drive HCA’s Future SuccessWhat Will Drive HCA’s Future SuccessWhat Will Drive HCA’s Future SuccessWhat Will Drive HCA’s Future Success

• Aging Population

• Located in Large, Growth Markets

• Aging Population

• Located in Large, Growth Markets

• Capital Investments

• Enhanced Outpatient Strategy

• Capital Investments

• Enhanced Outpatient Strategy

• Quality and Patient Safety Initiatives• Quality and Patient Safety Initiatives

• Prudent use of Company’s Strong Cash Flows• Prudent use of Company’s Strong Cash Flows

5

Inpatient Admissions and Outpatient Visits Inpatient Admissions and Outpatient Visits 1980 - 20031980 - 2003

27

28

29

30

31

32

33

34

35

36

37

100

150

200

250

300

350

400

450

500

550

600

Inpatient Admissions Outpatient Visits

6

Socio-Demographics—Age WaveSocio-Demographics—Age WaveDriving Healthcare UtilizationDriving Healthcare Utilization

Socio-Demographics—Age WaveSocio-Demographics—Age WaveDriving Healthcare UtilizationDriving Healthcare Utilization

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

95

100

105

110

115

120

125

Acu

te C

are

Uti

lizat

ion

Ind

ex(2

003=

100)

Baby Boomer Impact Accelerates

1.58% CAGR 2003-2012

1.58% CAGR 2003-2012

121

119

117

115

113

112

110

108

106

105

103

102100

9897

96

1.7%1.6%

1.6%1.6%

1.5%1.6%

1.6%1.6%

1.6%1.6%

1.6%1.5%

1.6%1.5%

1.4%

1.56%3-Year CAGR

1.59%3-Year CAGR

1.58%3-Year CAGR

1.62%3-Year CAGR

7

Midwest Division

Facility ExpansionProjects

New & ReplacementFacilities

Infrastructure Develop.,IT&S, & Pat. Safety

Shared Services

Routine Capital

Note: Does not include potential new and replacement facilities. Note: Does not include potential new and replacement facilities.

$0.0

$0.5

$1.0

$1.5

$2.0`

2000 2001 2002 2003 2004 2005E

Billions 2000$1.2

2001$1.4

2002$1.7

2003$1.8

2004$1.5

2005E$1.5

HCA Capital ExpendituresHCA Capital Expenditures

Distribution of Capital Dollars2005 and Beyond

1,611 New BedsThree New Facilities

310 Beds

Open Heart, Cardiology

Oncology, etc.

33 ERExpansi

ons

Three Facilities511 Beds

Land &Improvements12%/$505M

Surgery/SpecialUnits

21%/$875M

Beds14%/$590M

New Facilities8%/$340M

ER Services8%/$325

OutpatientServices/MOBs

11%/$480M

ReplacementFacilities

10%/$420M

New andExpandedServices

16%/$690M

Capital Commitments:

Houston, TX $517 million

Pearland, TX new hospital (2007)

Denver, CO $250 million

new children’s hospital/ expansion of 3 hospitals

San Antonio, TX $165 million

new hospital with JV partner (2007)

Atlanta, GA $130 million

Emory John’s Creek, new hospital (2007)

Salt Lake City, UT $85 million

new hospital (2007/ 08)

8

Midwest Division HospitalsMidwest Division Hospitals Midwest Division HospitalsMidwest Division Hospitals

The “Big Six” Hospitals:

Research Medical Center

Baptist-Lutheran Medical Center

Overland Park Regional Medical Center

Menorah Medical Center

Independence Regional Health Center

Medical Center of Independence

Suburban /Rural/Specialty Hospitals:

Allen County Hospital

Lafayette Regional Health Center

Lee’s Summit Hospital

Research Belton Hospital

Research Psychiatric Center

The “Big Six” Hospitals:

Research Medical Center

Baptist-Lutheran Medical Center

Overland Park Regional Medical Center

Menorah Medical Center

Independence Regional Health Center

Medical Center of Independence

Suburban /Rural/Specialty Hospitals:

Allen County Hospital

Lafayette Regional Health Center

Lee’s Summit Hospital

Research Belton Hospital

Research Psychiatric Center

9

New Kansas City Replacement HospitalsNew Kansas City Replacement HospitalsNew Kansas City Replacement HospitalsNew Kansas City Replacement Hospitals

Site Summary: 39 acres purchased for $8M Bed Profile Proposed:

– Medical / Surgical 48– Intensive Care Unit 10– Women’s Services 6

TOTAL 64

ER Bays 14 treatment bays Surgical OR 4 PACU 8 positions Prep & Recovery 12 positions

Site Summary: 89 acres purchased for $15M Bed Profile Proposed:

– Medical / Surgical 156– Intensive Care Unit 28– NICU (Level II & III) 12– GYN/Antepartum 9– Post Partum 16

TOTAL 221

ER Bays 32 treatment bays Surgical OR 10 PACU 15 positions Prep & Recovery 30 positions

Lee’s SummitLee’s Summit IndependenceIndependence

10

Transactions totaling $130 million completed20–30 imaging center and 8-10 surgery center transactions expected to be

completed over the next 12 months

Sarah Cannon Research Institute

(Nashville)

Sarah Cannon Research Institute

(Nashville)

Austin Radiology Assoc.

2 imaging centers

Austin Radiology Assoc.

2 imaging centers

Diversified Radiology (Denver)

4 imaging centers/fifth under construction

Diversified Radiology (Denver)

4 imaging centers/fifth under construction

Thousand OaksDiagnostic Imaging

Thousand OaksDiagnostic Imaging

Millcreek Imaging Center

Salt Lake City, UT

Millcreek Imaging Center

Salt Lake City, UT

HCA Surgery Centers

LAD Imaging Centers(Orange City, Deltona)

LAD Imaging Centers(Orange City, Deltona)

Total I Management, LLC

(Tampa Bay Area)5 imaging centers

Total I Management, LLC

(Tampa Bay Area)5 imaging centers

Outpatient Strategy ProgressingOutpatient Strategy Progressing

First Health (Jacksonville)

First Health (Jacksonville)

MDI 7 Centers

MDI 7 Centers

Ultra Open MRI (Tampa) 6 centers

Ultra Open MRI (Tampa) 6 centers

Hope Cancer Centers(Tallahassee) 3 centers

Hope Cancer Centers(Tallahassee) 3 centers

11

3.6%

1.1%1.2%

2.1%2.8%

-0.1%

1.1%

3.1%1.9%

0.9%

3.5%

0.3%2.5% 1.1% 2.5%

1.7%

-0.9%

-0.4%

2.0%3.0%1.5%

2.8% 3.6%

1.8%

3.4%

-0.2%

2.5%

-3%

0%

3%

6%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

3.5%2.0%

3.0%

-0.7%

-0.3%

1.0%

3.4%

-1.4%

0.9%2.1%2.3% 3.0%

0.6%

-0.4%

0.9%

2.6%

1.8%2.2%0.4%2.3% 2.5%

1.8%

4.2%3.9% 4.3%

0.4%

0.2%

-3%

0%

3%

6%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

1999 2000 2001 2002 2003 2004

+2.7% +2.8% +2.7% +2.5% +0.6% +0.7%

VolumeVolume

+2.5% +2.6% +2.6% +2.6% +0.0% +1.3%

EquivalentAdmissions

Same Facility% Change from PY

EquivalentAdmissions

Same Facility% Change from PY

AdmissionsSame Facility

% Change from PY

AdmissionsSame Facility

% Change from PY

2005

12

10.4%10.3%8.3%

8.5%

6.7%7.2%

8.1%

7.2%7.2%

8.2%

7.3%

11.4%

7.6% 8.6%10.6%

8.1%7.6%

8.2%7.7%7.1%7.9%

11.7%

11.3% 10.5%

11.9%

9.3%8.9%

13.9%10.9%

11.6%

0%

10%

20%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

40.0%39.9%38.4%

39.1%

39.6%

38.9%37.7%

38.7%39.6%

40.1%39.7%

38.7%39.2%

38.9%40.0%

39.4%38.9%38.3%38.9%

39.8%38.4%

38.5%38.5%39.8%

40.0%

38.1%

39.4%38.3%

38.2%37.7%

35%

45%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

16.9%

16.2%16.2%

15.9%16.0%

15.9%15.8%

15.9%16.4%

15.8%

15.6%16.4%

16.0% 16.1% 16.0%

16.0%16.0%16.2%

16.3%

15.9%

15.9%16.5%

16.7% 16.8%

16.7%

17.1%17.3%

16.2%16.8%

16.8%

14%

20%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

7.6% 7.5% 7.7% 8.0% 10.1% 11.4%

1999 2000 2001 2002 2003 2004 2005

39.3% 39.0% 39.4% 39.2% 38.5% 38.4%

16.0% 15.9% 16.0% 16.1% 16.2% 16.7%

Operating ExpensesOperating Expenses

Bad DebtAs Reported

% of Net Revenue

Bad DebtAs Reported

% of Net Revenue

SuppliesSame Facility

% of Net Revenue

SuppliesSame Facility

% of Net Revenue

SW&B1Same Facility

% of Net Revenue

SW&B1Same Facility

% of Net Revenue

39.2% Sep YTD

9.6%

Sep YTD

17.0% Sep YTD

12.2%

Adjusted for uninsured discounts

13

4.4% 4.5%

5.7%

4.7%4.8%

4.3%4.7%

4.2%4.1%4.1%

3.7%

4.4%

4.9% 5.0%

3.9%

3%

6%

UninsuredUninsured

18.3%17.7%

17.0%

20.4%

21.5%19.7%

18.2%17.5%

17.1%

19.6%

19.3% 19.5%20.8%

20.3% 20.5%

10%

25%

1Q 0

0

2Q 0

0

3Q 0

0

4Q 0

0

1Q 0

1

2Q 0

1

3Q 0

1

4Q 0

1

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

UninsuredAdmissions

Same Facility% of Total Admissions

20002000 20012001 20022002 20032003 20042004

UninsuredER Visits

Same Facility% of Total ER Visits

N/A

N/A

HCA Financial History – 2005.ppt

17,136 16,111 15,782 16,47318,416 17,961 17,944 18,929 19,532 18,947 18,871

20,39422,820

0

25,000

3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05

7.2%vs.

PY

2.4%vs.

PY

7.5%vs.

PY

11.5%vs.

PY

13.7%vs.

PY15.2%

vs.

PY

7.1%vs.

PY

3.7%vs.

PY

UninsuredAdmissions

Same Facility% Chg from Prior Year

2004: +9.7%

20052005

+5.0%+5.0% Sep YTD Sep YTD

+7.7% +7.7% Sep YTD Sep YTD

+20.2% +20.2% Sep YTDSep YTD

3.3%vs.

PY

5.1%vs.

PY

15.0%vs.

PY

14

Cash flow in 2005 Remains PositiveCash flow in 2005 Remains Positive

$1,301$1,584

$2,046

$2,786 $2,822$3,049

$2,529

$0

$3,500

1999 2000 2001 2002 2003 2004 2005

Net Cash Provided by Operating Activities1

Dollars in Millions

Excluding settlements with government agencies and investigation related costs.

1: 1999-2003 are non-GAAP numbers2: YTD 2005- 9/30/05

2

Uses of Cash(1) Capital Reinvestment

$1.5B in 2005 in existing markets

and $1.8B in 2006

(2) Share Repurchase Program

$11.5B in 8 years

$1.44B “Dutch Auction” complete

28.8 million shares

$1B open-market authorization

(3) Dividend Policy

Approx. $250mm annually

(4) Acquisitions – opportunistic

$1B Health Midwest - April 2003

Austin, TX- pending acquisition

(5) Debt Repayment

15

Prudent Financial Strategy Focused on Shareholder Value

Strong Cash Flows

Great Assets

In Summary We Have….In Summary We Have….

16